Abu Dhabi: The nation’s capital has released the gross domestic product (GDP) estimates report for 2022, unveiling a 9.3 per cent growth by the end of the year compared to 2021, data from the Statistics Centre - Abu Dhabi (SCAD), revealed. Senior officials revealed that the Emirate had achieved unprecedented growth rates in its non-oil GDP, registering an 8.4 per cent increase by the end of 2022. The Emirate, led by the Abu Dhabi Department of Economic Development (ADDED), took several steps to diversify its economy while maintaining a prudent fiscal policy and progressively responding to market needs and trends last year, said officials.
Dh10 billion investment
The Emirate’s Media Office announced Monday that the Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, aims to invest Dh10 billion across several programmes to more than double the size of the sector to Dh172 billion, creating 13,600 jobs and increase the Emirate’s non-oil exports by to Dh178.8 billion by 2031.
Ahmed Jasim Al Zaabi, the Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “A forward-looking enabler, ADDED views Abu Dhabi’s achievements that have cemented its position as a preferred destination for business, investment, and talents as a foundation of the next phase of our development; ‘Economic Diversification 2.0’.”
According to the estimates issued by the SCAD, Q4 2022 real GDP achieved a growth of 5.9 per cent, worth Dh278.3 billion compared to the same period in 2021. The contribution of non-oil sectors to GDP reached 50.2 per cent to record Dh139.6 billion of the GDP total value during Q4 2022. Moreover, the non-oil sectors witnessed a notable growth of Dh43 billion, bringing the total to Dh554.6 billion by the end of 2022. This resulted in the non-oil sectors contributing 50 per cent to the GDP.
Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre - Abu Dhabi, said: “The Emirate of Abu Dhabi has achieved unprecedented growth rates in its non-oil gross domestic product, registering a remarkable 8.4 per cent increase by the end of 2022.
Real estate activities in Abu Dhabi witnessed a remarkable increase of 17.1 per cent compared to 2021. Growth rates in health and social work activities in Abu Dhabi increased by 16.6 per cent. The wholesale and retail trade activities in Abu Dhabi displayed a growth rate of 11.6 per cent in 2022, reaching Dh58.6 billion. This growth indicates the sector’s significant contribution of 5.3 per cent to Abu Dhabi’s real GDP in 2022. The transport and storage activities exceeded Dh18.6 billion in 2022, with a growth of 10.9 per cent. This sector comprises several activities, including passenger and cargo transport by rail, land, air, sea, and related storage activities.
Accommodation and food service activities in Abu Dhabi witnessed a growth rate of 11.9 per cent. Manufacturing activities grew 9.7 per cent, contributing 8.2 per cent to the Emirate’s GDP and reaching Dh90.8 billion in 2022.
Construction activities in Abu Dhabi displayed an apparent growth rate of 7.6 per cent in 2022, with a value of Dh86 billion. Moreover, this growth indicates the sector’s significant contribution of 7.8 per cent to Abu Dhabi’s real GDP. The Emirate’s finance and insurance activities witnessed a remarkable growth of 7.4 per cent, amounting to Dh62.4 billion in 2022, contributing 5.6 per cent of the Emirate’s GDP.